AQR Capital Management LLC Raises Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

AQR Capital Management LLC raised its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 123.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 46,615 shares of the bank’s stock after buying an additional 25,749 shares during the period. AQR Capital Management LLC owned about 0.11% of Independent Bank worth $2,364,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Independent Bank by 59.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank’s stock worth $291,000 after purchasing an additional 2,129 shares during the period. Cubist Systematic Strategies LLC raised its position in Independent Bank by 88.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 130,385 shares of the bank’s stock valued at $6,613,000 after purchasing an additional 61,029 shares during the last quarter. Public Sector Pension Investment Board lifted its holdings in Independent Bank by 6.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 93,398 shares of the bank’s stock worth $4,737,000 after buying an additional 5,519 shares during the period. Profund Advisors LLC bought a new stake in shares of Independent Bank in the 2nd quarter worth approximately $229,000. Finally, Sei Investments Co. increased its stake in shares of Independent Bank by 129.6% during the second quarter. Sei Investments Co. now owns 53,763 shares of the bank’s stock valued at $2,727,000 after buying an additional 30,351 shares during the period. Institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

Independent Bank Trading Down 1.0 %

NASDAQ INDB opened at $56.88 on Wednesday. The firm has a market capitalization of $2.42 billion, a PE ratio of 10.98 and a beta of 0.74. The stock’s 50 day moving average is $59.98 and its 200 day moving average is $54.41. Independent Bank Corp. has a twelve month low of $44.63 and a twelve month high of $68.75. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. The firm had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same quarter in the previous year, the business posted $1.42 EPS. Research analysts forecast that Independent Bank Corp. will post 4.68 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Independent Bank Company Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.